Security Has Secure Growth Expansion Set In Osceola, Seminole

Security National Corp., a Maitland bank-holding company, has almost completed a $14 million recapitalization and plans to open banks in Brevard, Seminole and Osceola counties by year-end.

Security National Corp. is the parent of Security National Bank of America. The year-old bank reported a $306,000 loss for 1987.

Holding company president Michael Sheffey said Security National has raised $13.1 million of a planned $14 million in new capital since February. Added to the bank's $4.5 million in capital, the holding company would be able to draw on an $18.5 million capital base, the largest of any Orlando-area bank. The company has $28.4 million in assets.

Security National also has received regulatory approval to open two independently chartered banks: Security National Bank of Osceola County plans to open June 6 at 100 Park Place in Kissimmee; construction of Security National Bank of Seminole County, which has preliminary charter approval, has begun at 360 W. State Road 436, the former site of Victoria Station, an Altamonte Springs eatery. The bank is scheduled to open this fall. A third bank, planned for 685 S. Babcock St., Melbourne, is still pending federal approval.